Background
Directive 2014/65/EU (MiFID II) and Regulation (EU) No 600/2014 (MiFIR) were approved by the European Parliament on 15 April 2014 and by the European Council on 13 May 2014. The two texts were published in the Official Journal on 12 June 2014 and became applicable from 3 January 2018.
Substantial amendments to the EU MiFID II commodity derivative framework were introduced, by Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU (The Recovery Package). The Recovery Package was published in the Official Journal and became applicable from 28 February 2022 after transposition into national law.
Many of the obligations under MiFID II and MiFIR are further specified in the Commission Delegated Directive and three Commission Delegated Regulations [Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational r
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